Hyderabad-based IT and engineering services company Cyient India Limited announced that it would acquire UK-based ground surveying and digital mapping solutions provider Blom Aerofilms Limited. It has signed a definitive agreement with Blom AS, Norway for the acquisition of its UK-based subsidiary. Blom employs a core group of 40 people and had the calender year 2015 revenue of 6 million pounds. Thetransaction is EPS accretive and expected to complete over next 30 days.
According to Cyient President John Renard, this acquisition will complete the company’s existing skills and capabilities in software and data processing around geospatial technology.
Blom’s presence in the UK can be traced back to 1919 when Aerofilms was founded as the UK’s first ever commercial aerial photography company.
Over the subsequent decades, the company has gathered rich experience and track record around all types of geospatial data acquisition and services, including aerial and ground-based LIDAR and data modeling.
Hyderabad-based Cyient provides engineering services to companies in aerospace, consumer, energy, medical, oil and gas, mining, heavy equipment, semi-conductor, rail transportation, and utilities and communications sectors.
The acquisition positions Cyient to expand into geospatial services, where it is already present.
Shares of Cyient rose 0.11% and were trading at Rs.465.75 on the BSE at 10.35am, while the benchmark Sensex gained 0.92% to 27,525.21 points.
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